The net interest margin was healthy at 3.18% in the quarter ended March 2019, compared with 3.06% in the preceding quarter. Net interest income for the quarter ended March 2019 increased 13% to Rs 610 crore as against Rs 541 crore in the same period of the previous year.

Income from operations increased 31% to Rs 2145.21 crore in the quarter ended March 2019. Interest expense moved up 39% to Rs 1427.51 crore, while other expenses (including staff cost of Rs 91.31 crore and other expenses of Rs 65.04 crore) increased 9% to Rs 156.35 crore. Ensuing Gross profit advanced 20% to Rs 564.33 crore.

The depreciation moved up to Rs 9.15 crore in Q4FY2019 against Rs 7.03 crore in Q4FY2018. The provision and write offs stood at Rs 10.11 crore against Rs 84.70 crore in same quarter last year. PBT increased 44% to Rs 545.07 crore.

Effective tax rate eased to 30.33% bps on yoy basis from 33.34%. The profit after tax of the company improved 51% to Rs 379.77 crore in the quarter ended March 2019.

Loan book and disbursements

The AUM of the company surged 36% to Rs 84722 crore end March 2019 over March 2018. The loan portfolio of the company increased 30% to Rs 74023 crore, while the loans sold outstanding increased 104% to Rs 10699 crore end March 2019 over March 2018. The disbursements declined 2% to Rs 8562 crore in the quarter ended March 2019.

The deposits with the company have increased 24% to Rs 14315 crore at end March 2019.

Asset quality

Gross NPA ratio was nearly steady at 0.48% at end March 2019 from 0.47% a quarter ago, while increased from 0.33% a year ago. Meanwhile, Net NPA ratio was stable at 0.38% at end March 2019 from 0.37% a quarter ago.

In absolute terms, GNPA stood at Rs 355.31 crore and NNPA at Rs 281.29 crore at end March 2019.

Book value of the company stood at Rs 450.5 per share, while adjusted book value was at Rs 433.7 per share at end March 2019.

Annual Financial Performance:

For the year ended March 2019 (FY2019), PNB Housing Finance reported 40% rise in Income from operations at Rs 7679.32 crore. Interest expense moved up 46% to Rs 5166.37 crore, while other expenses increased 35% to Rs 562.14 crore. Ensuing Gross profit increased 27% to Rs 1954.71 crore. Depreciation increased 30% to Rs 31.37 crore, while provision and write offs declined 32% to Rs 188.95 crore. PBT improved 40% to Rs 1734.39 crore. Effective tax rate stood at 31.30% FY2019, compared with 31.87% in FY2018. The PAT of the company improved 42% to Rs 1191.52 crore in FY2019.